Hi everyone so I have a question about my student loans. I currently have 32K in student loans under my name and about 20K in parent plus loans. so my total is about 50k for my loans in total. I believe all of my loans are deferred for six months until I’m ready to start paying them, however my question is, I’m wondering what’s the best way for me to pay both of them off at the same time because I agreed to pay my loans under my parents name since my income would be able to take care of mine since it’s around 50K which I don’t think it’s bad for a undergrad bachelors degree in software engineering. i’ve seen that I would need to consolidate my parent plus loans before July 2026 to have them considered for PSLF but as for mine I would just either snowball or avalanche, I’m not sure yet, but I know I will be able to take care of my mine since I can be more “flexible” with mine but how do I go about budgeting and consolidating to pay for both of the loans? I’d rather not consolidate mine as I’ve seen that it doesn’t help for me to consolidate mine since they all have different variable rates but to qualify for IDR payments for the parent plus loans I’ve seen that I need to do consolidation so just asking for advice anything is appreciated. Thank you so much!
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So, I know the hiring market is garbage right now and pay is highly variable by location, but that’s not a great starting salary in software engineering if your frame of reference is working tech in California. You may want to consider job hopping after you hit the 1-2 years of work experience point, and you may want to consider moving to another state if that is typical compensation where you live
What is your parent’s income? If your parent needs to consolidate and get on and IDR plan like IBR then they have to have the consolidation completed before June 30, 2026 (aka in about 7 weeks) to maintain eligibility for that repayment plan thanks to the changes in the OBBB Act because Parent PLUS loans (and consolidation loans containing them) were excluded from the incoming RAP plan. Their income matters for their loans here
You don’t need to consolidate your own federal loans, you can apply for an IDR plan like IBR if you need to without consolidating with your Direct federal loans. My concern is maintaining access to an IDR option for the federal loans your parents took out